Pulling Profit Out vs Leaving In for Cashflow

[Cel Arrington]

Hey BP!  

This is my first BRRRR, and I Just got my appraisal back for the refi. Quick deets:

• 58k purchase + 8k rehab + private loan interest/closing/refi closing = All in at 75k
• Home appraised for 120k post rehab, 75% cash out refi = 90k
• 15k net profit, excluding rental income earned during seasoning. 

Obviously I'm pretty happy!  I realize I have a new problem to consider with this good news.  If I pull the full 15k out, my mortgage will go up, which will bump my total monthly expenses to pretty much exactly break even with the rental income.  caveats:

• I'm including property management in my expenses ($100), but we manage it now.  So, technically I am getting 100/mo in cashflow, but wouldn't if we hired out in the future
• mortgage + taxes/insurance = ~$650 with a rent of 1k/mo, so the 'break even' is me setting aside all of the other costs like repair/capex/vacancy etc.

In my mind, I am choosing between $100/mo in cashflow on a house I plan to hold long term, vs pulling 15k out now.  

15k represents 12.5 years of $100/mo cashflow.  So, do I take $15k now, or in 12.5 years in exchange for added month to month cushion?  

The answer that seems obvious to me is to take the 15k now, because more cash on hand and less equity in the deal is technically safer if something goes sideways, and it's cash I can redeploy in another BRRRR now.

Am I thinking about this right?  Is there something glaring that I'm missing here? 

Thanks!